The actess Ann Heche did not have an Estate Plan in place. Her 20 year old son has applied through the Probate Court to be Personal Representative of the Estate and manage funds for himself and his 13 year old brother.
Personally, I would not think my own 20 year old daughter responsible enough to control funds for herself. Item to note, she bounced her checking account several times this year and is still learning budgeting and finance.
In my personal opinion, and older relative should step in and contest the Personal Representative application in this case. They apply as Personal Representative and consult with a bank trustee or professional fiduciary for guidance in distributing income to both the heirs of the Ann Heche Estate. They can provide for both her sons education and maintenance directly and distribute on a responsible schedule, for her son's benefit.
The worst possible scenario here would be for one of the young beneficiary to blow through all that money unfettered, and breach fiduciary duty. This is the MAIN REASON why as a parent, you NEED an Estate Plan in place to restrict age of distribution to 25, 27 or 30 years old. In my professional opinion, a Trustee should make distributions until the heir is fiscally responsible.
READ entire article at this link:
(CNN)The oldest son of Anne Heche has filed a petition to assume control of the late actress's estate.
Homer Laffoon, 20, is asking that he be awarded control of his mother's assets. Heche, who died last month after a car crash at age 53, did not have a will, according to a copy of the petition obtained by CNN.
The petition names Laffoon and Heche's 13-year-old son, Atlas Tupper as heirs.
"The Estate consists of two (2) intestate heirs—Homer Heche Laffoon and Atlas Heche Tupper," the petition statess "Homer Heche Laffoon is an adult and the proposed Administrator. Atlas Heche Tupper is a minor."
